Shree Cement holding firm's sales of unlisted shares raise eyebrows

Listed firm NBI sold unlisted cos on its books at 97% discount to promoter entities, says InGovern

A corporate governance watchdog has flagged dealings at Shree Cement’s listed holding company NBI Industrial Finance Company, which is listed on the National Stock Exchange (NSE).
 
NBI sold shares of several unlisted companies on its books around five years ago to promoter entities for only Rs 89 crore, though their fair value was Rs 3,077 crore, InGovern has alleged.
 
Although the deal came under the ambit of “related-party transaction”, it was carried out without being put to vote before minority shareholders, it said.
 
“In FY2016-17, NBI sold off shares in unlisted companies, including Shree Capital Services, another